My wife and I are acquiring a new build apartment in Malmesbury and my conveyancer is advising me that she has to the lender to disclose incentives from the developer. I am on a tight deadline to exchange contracts and I don't want to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What is the difference between a licensed conveyancer and conveyancing solicitor in Malmesbury
Two types of professional can carry out conveyancing in Malmesbury namely licenced conveyancers or solicitors. Both professionals provide the legal services that required to complete the sale or acquisition of property. They are both duty bound to handle Malmesbury conveyancing to the same quality and guidelines so you can be sure that your conveyancing will be properly carried out and that all requisite procedures should be accurately followed.
I have been advised by my conveyancer that lack of right of way insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Malmesbury?
The appropriate level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such policies.
After weeks of negotiation I have agreed a price on an apartment in Malmesbury. My mortgage broker recommended their conveyancers. I paid an on account payment of £175. A couple of days later, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Malmesbury differ for newly converted properties?
Most buyers of new build residence in Malmesbury approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Malmesbury tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Malmesbury or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Malmesbury I like with open areas and transport links in the vicinity, however it only has 61 years unexpired on the lease. I can't really find anything else in Malmesbury in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
How can the Landlord & Tenant Act 1954 affect my business property in Malmesbury and how can your lawyers assist?
The 1954 Act gives protection to commercial tenants, granting the dueness to apply to court for a new lease and continue in occupation when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Malmesbury is one of the many areas of the UK in which our lawyers are based
Should local authority permission be needed to change a house into a couple of appartments in Malmesbury? This has taken place to a house adjacent to a friend in Malmesbury and was ignorant of it happening until it was done.
Planning Permission yes. Building Regulations yes.